NSEL Defaulter-

Shree Radhey

Trading

Company

Agenda

Preface – Shree Radhey Trading Company

Shree Radhey Trading Co’s Business

Defaulter of NSEL Crisis

Bombay High Court Orders

Defiance of Bombay High Court Orders

Committee Meeting

Properties seized by EOW

Current Legal Procedure Status

Preface – Shree Radhey

Trading Company

Shree Radhey Trading Company is a proprietorship firm, engaged in the business of spices for more than 30 years

Worked with NSEL since the last three years

Ramesh Nagpal – Proprietor of Shree Radhey Trading Company

Shree Radhey Trading Co’s

Business

Wholesaler of commodities such as spices,

kirana and dry fruits

Based in Saharanpur, Uttar Pradesh

Defaulter of NSEL Crisis

Ramesh Nagpal failed to make payments to

the exchange on due dates

Total outstanding due of 34.59 crores

Declared as defaulter by National Spot

Exchange Ltd. on 28th August 2013.

Bombay High Court Orders

Bombay High Court directed NSEL

Defaulter Shree Radhey Trading

Company :

To allow inspection by EOW & NSEL

To get an inventory prepared

To dispose perishable goods (Stocks

of Red chilly & black pepper)

To deposit sale proceeds in escrow

account

Defiance of Bombay HC

orders – 19th December 2014

Shree Radhey trading Co obstructed EOW and NSEL from entering their warehouse

Bombay HC warned NSEL Defaulter Shree Radhey Trading Co that if they obstructed again it would be treated as contempt of court

Bombay High Court ordered EOW to break open lock of the warehouse facility

Committee Meeting – 14th

January 2015

ACP Mr Kadam informed the Committee that their officers had gone to the warehouse i.eKrishna Cold Storage to take inspections.

Mr Kadam informed that they were not allowed to enter into the warehouse and local police was not cooperating

The EOW seal seemed to have been broken and new lock has been applied.

Properties seized by EOW

Current Legal Procedure

Status

Non-appearance of Counsel SP Bharticompelled court to adjourn the matter to the next hearing

Justice GS Patel also passed an order that in the event if Mr Bharti does not appear then the direction will be passed to break open the seal

Thank You

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